Silver North Resources (TSX-V:SNAG) has attained C$2.1 million ($2.34 million) to fund exploration at the Haldane and GDR mineral properties in the Yukon Territory through a non-brokered private placement.
The company will disperse charity flow-through units at an offer price of $0.21 per unit, which comprises one share and one-half of a warrant.
Warrant holders will be eligible to purchase a warrant share at $0.35 per share for 48 months from the issue date, to expire 12 August 2029 on a non-flow-through basis.
Silver North, which has a market capitalisation of C$14.12 million, will also be required to pay C$54,420 and 362,800 non-transferable warrants for finders’ fees, each exercisable at $0.15 for a two-year period to expire 12 August 2027.
The company intends to conduct a 2025 drilling program at its wholly owned Haldane Project, with 2,500m of diamond drilling across 10 drillholes to expand along strike and to depth of previous discoveries.
One of the discovery holes returned 1.09 grams per tonne silver, 3.9g/t gold, 1.89% lead, and 0.63% zinc over 1.83m.
CEO Jason Weber says the company intends to start exploration at the Haldane Property shortly.
“With the closing of this offering. Silver North is now able to continue to unlock value at the Haldane Property in the historic Keno Hill Silver District,” Weber says.
“We look forward to building on our Main Fault silver discovery from 2024.”
Meanwhile, the company also says the GDR Project warrants further exploration at the Veronica prospect, with a prospecting, sampling, and mapping program to advance the understanding of an unexplained multi-element soil geochemical anomaly.
This anomaly is believed to potentially reflect silver-lead-zinc mineralisation, adjacent to Silver North’s Tim Property.
Silver-focused companies across are seeing increased demand for the commodity with the global output boosted by 0.9% to around 820 million ounces last year, as reported by Mining.com.au.
Silver North Resources is a silver-focused explorer focused on developing its Canadian assets in the Yukon region.
Write to Maddison Elliott at Mining.com.au
Images: Silver North Resources
